Latest operating status of JA Solar and Daqo New Energy disclosed in investor relations activity records.
Daqo New Energy
In the third quarter of 2025, the company achieved operating revenue of RMB 1.773 billion and net profit attributable to the parent company of RMB 0.073 billion. This represents a turnaround from losses both year-on-year and quarter-on-quarter. Net cash flow from operating activities also turned positive, indicating an overall enhancement in profitability.
In terms of production and operations, the company's polysilicon business performed remarkably. Daqo New Energy's polysilicon output in Q3 2025 was 31,000 tons, with sales reaching 42,000 tons. The sales-to-production ratio increased to 138%, signifying continuous optimization of asset operational efficiency.
Regarding costs, the company has made significant strides in cost reduction and efficiency improvement. The unit cost of polysilicon in Q3 2025 was RMB 46.04/kg, and the unit cash cost was RMB 34.63/kg. Both metrics saw a marked decrease year-on-year and quarter-on-quarter, further strengthening the company's cost competitiveness.
Based on current market dynamics, product prices, and market trend changes, combined with the progress of the annual routine maintenance plan, Daqo New Energy anticipates a polysilicon output of 39,500-42,500 tons in the fourth quarter, with the expected total output for the full year of 2025 being 121,000-124,000 tons.
JA Solar
In Q3 2025, JA Solar realized operating revenue of RMB 12.904 billion, a 24.05% decrease compared to the same period last year. Net profit attributable to shareholders of the listed company was a loss of RMB 0.973 billion. Since reducing its loss in the second quarter, the company's performance in the third quarter was essentially flat compared to Q2.
In terms of shipments, for the first three quarters of 2025, JA Solar's cell and module shipments totaled 51.96 GW, with overseas shipments accounting for 49.78%. Looking at the single quarter, Q3 cell and module shipments were 18.17 GW, representing 35% of the total shipments for the year.
Regarding capacity, the company's newest product, DeepBlue 5.0, has been launched. It is estimated that approximately one-third of the company's capacity will achieve production line upgrades by the end of this year, and all of the company's capacity has the potential for further efficiency improvement.
Concerning the trend of module prices, JA Solar believes that prices may experience short-term pressure due to the seasonal weakening of terminal demand and holiday factors from the fourth quarter to the first quarter of next year. The subsequent trend will depend on the effectiveness of anti-involution policies. With the market demand picking up in the second quarter of next year, module prices are expected to see a recovery rise.
In the energy storage business, JA Solar has already commenced shipments this year. Its storage products cover residential, commercial & industrial, and utility-scale applications. The company has established its own design team and pre-sales/after-sales teams. Operationally, it primarily adopts a light-asset model by selecting strategic partners, and sales mainly leverage the company's module sales channels to explore the market.
Source：EnergyTrend